The company that owned a submersible that fatally imploded on its way to explore the wreck of the Titanic said Thursday it has suspended operations.

OceanGate, a company based in Everett, Washington, owned the Titan submersible that is believed to have imploded as it made its descent on June 18 in the North Atlantic. The implosion killed all five people on board, including Stockton Rush, the submersible's pilot and the chief executive officer of the company.

The company's website said Thursday that it “has suspended all exploration and commercial operations.”

The Coast Guard is investigating the implosion.

OceanGate is based in the U.S. and OceanGate Expeditions, a related company that led the Titan’s dives to the Titanic, is registered in the Bahamas. The Titan submersible itself “was not a U.S. flagged vessel and was never certified or certificated by the U.S. Coast Guard,” the Coast Guard has said.